National Wire About Nigerians, Nigerian Business and Other Stories
Following the turnaround witnessed by Cadbury Nigeria Plc in the financial year ended December 31, 2017, in which the company erased the losses it recorded in 2016, shareholders has commended the board of directors chaired by Atedo Peterside for proposing 16 kobo dividend amounting to N301,512,314.
This was made known on Friday July 6, 2018 at the company’s 53rd Annual General Meeting (AGM) in Lagos. The dividend will be paid on Monday July 9, 2018 to shareholders whose names appears on the register of members at the close of business on June 8, 2018.
Some of the shareholders that commented on the company performance during the year under consideration noted that, the cost of finance, royalties among others should be look into. Stressing that the board of directors and management need to focus on their area of strength in the fast moving consumer goods market, in order to carve out a niche for themselves. The issue of product diversification was prominent on the lips of the shareholders who believe that it will go a long way in boosting the top and bottom line of the company financial position, particularly now they are in profit.
Responding to shareholders concerns, Atedo Peterside said all their suggestions and concerns are noted, while he explained that they are working on the issue of products diversification which they are keeping to their chest because of competitors in the market. He assured shareholders that the company plans to pay higher dividend as profits improves.
For 2018, he said the company is focusing on key priorities areas which includes, sustain focus on quality, drive improvements in productivity and reinforce operational efficiencies to maximize their competitive advantage. Also to drive growth ahead of competition to increase market share within their product categories and sustain aggressive route to market initiatives.
Highlight of the 2017 yearend financial performance shows that revenue grew by 10 percent from N29,979 billion in 2016 to N33,079 billion in 2017. Profit for the period was up by 200 percent from loss position of N296,403 million in 2016 to profit of N299,998 million in 2017. The shareholding structure shows that Mondelez International has a majority equity interest of 74.97 percent in Cadbury Nigeria through its holding in Cadbury Schweppes Overseas Limited. The remaining 25.03 percent equity ownership is held by a diverse group of Nigerian individuals and institutional shareholders.
